Page:United States Statutes at Large Volume 40 Part 1.djvu/1099

 SIXTY-FIFTH oononnss. sm. III. cH. 18. 1919. 1081 or in part, the corporation shall at once notify the Commissioner mmmwho shall redetermine the amount of the taxes due under this title and under Title III for the year or years affected, and the amount of taxes due upon such redetermination, if any, shall be paid by the corporation upon notice and demand by the collector, or the amoimt of taxes overpaid, if any, shall be credited or refunded to the corporation in accor ance with the provisions of section 252. In the case of of °°°’“°d but mt such a tax accrued but not paid, the Commissioner as a condition B¤¤d requiredprecedent to the allowance o this credit may require the corporation to give a bond with sureties atisfactory to and to be approved by him in such penal sum as he may require, conditioned Har the payment by the taxpayer of any amoimt of taxes found due upon any such redetermination; and the bond herein prescribed shall contain such further conditions as the Commissioner may require. E umm 0,,. (b) This credit shall be allowed only if the taxpayer furnishes m¢»`$ewquu¤a.°mp` evidence satisfactory to the Commissioner showing the amount of income derived from sources within such foreign coimty or such possession of the United States, as the case may be, an all other mformation necessary for the computation of suc credit. (c) If a domestic corporation makes a return for a fiscal year be- t,,,]§°¥,,‘g°§§*§,,,,,,°°,,§,‘{d‘§,$”g ginning in 1917 and ending in 1918, only that proportion of this *¤19i8- credit shall be allowed which the part of such period within the calendar year 1918 bears to the entire period. CORPORATION nnronns. mum' Sec. 239. That every corporation subject to taxation under this mgnlgclm mm title and every aupersonal service corporation shall make a return, stating specific y the items of its ippss income and the deductions and credits allowed by this title. e return shall be sworn to by the president, vice president, or other principal officer and by the BV amt 0, kmgn treasurer or assistant treasurer. If any foreign cor oration has no mqiomita. office or place of business in the United States but lies an agent in Rmivm etc the United States, the return shall be made by the agent. In cases ’ ` where receivers, trustees in bankruptcy, or assignees are operating the property or business of corporations, such receivers, trustees, or assignees shall make returns for such corporations in the same manner and form as corporations are required to make returns. Coumm Any tax due on the basis of such returns made by receivers, trustees ' or assignees shall be collected in the same manner as if collected from the corporations of whose business or property they have custody and control. Wmnmw Returns made under this section shall be subject to the provisions km H "`Y _ of sections 226 and 228. When return is made under section 226 ri-(iii.-f1`§¤ (iii.: Strlilfti the credit provided in subdivision (c) of section 236 shall be reduced *'°’“· to an amount which bears the same ratio to the full credit therein provided as the number of months in the period for which such return is made bears to twelve months. coxsoLmA’rED mrrumvs. dmdmuml Src. 240. (a) That corporations which are aiiiliated within the polrariiiriulnsllmuated M meaning of this section shall, under regulations to be prescribed by the Commissioner with the approval of the Secretary, make a consolidated return of net income and invested capital for the:1lpur— poses of this title and Title III, and the taxes thereimder sh be P,,,,.,_,,,_ computed and determined upon the basis of such return: Provided, i That there shall be taken out of such consolidated net income and ism, on mcpme nc·¤i invested capital, the net income and invested capital of any such §},’§§',§”°,,,?,‘,§f,{;,,°,,$°,'§_` affiliated corporation organized after August 1, 1914, and not successor to a then existing business, 50 per centum or more of whose